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The Latest Breaking News on Financial Services

Home loan, other borrowers can switch to fixed-rate regime: RBI

RBI unveils framework allowing borrowers to switch to fixed interest rate from floating rate, providing relief to home, auto loan borrowers. Revised framework for Infrastructure Debt Funds (IDFs) to enable greater financing of infrastructure sector.

The Hindu

Afternoon Update: CBA makes record profit; Home Affairs’ ChatGPT bungle; and France prepare for Matildas

Australia’s biggest lender posts $10.16bn cash profit even as more of its customers succumb to rising borrowing rates

The Guardian - AU

UK banks to be given two weeks to explain closing of customer accounts

Regulator to write to more than 20 of largest lenders after Nigel Farage’s accounts were threatened with closure

The Guardian - UK

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Major lenders poised to reduce some mortgage rates

Nationwide Building Society, HSBC UK and TSB are expected to cut some home loan rates from Wednesday.

The Independent UK

Italy proposes bank tax to help people with interest rate hikes, sending stocks plunging

Italian bank stocks have plunged after the Cabinet approved a proposal to apply a temporary tax on some 2023 bank profits

The Independent UK

HUD Investigates HSBC's U.S. Unit Over Redlining Allegations

Action prompted by a non-profit’s complaint to the agency involving six metro areas.

Kiplinger

Bridgeport bank failure fallout: Ex-city official, second man plead guilty in collapse of Washington Federal Bank for Savings

William M. Mahon was a high-ranking City Hall official under three former mayors and had close ties to the Daley family’s political organization.

Chicago Sun-Times

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3 Bank Stocks Investors Should Watch Like a Hawk This Week

The bank industry is expected to grow due to economic recovery, increased consumer spending, and digital transformation. However, risks of potential defaults, and slowing loan growth may pose challenges in the upcoming months. Amid this backdrop, it could be wise to add fundamentally strong banking stocks JPMorgan Chase (JPM), Bank…

StockNews.com

HSBC executive apologises for calling UK weak over China

Sherard Cowper-Coles claimed British government was bowing to US demands in dealing with Beijing

The Guardian - UK

UK business confidence falls as economy slows and interest rates rise

Firms have cut back on hiring staff and manufacturing output is at its lowest since May 2020 as supply issues continue, a survey finds

The Guardian - UK

Many of world’s largest hedge funds face UK stress test

Participants also including banks and pension funds will have to reveal how activities could harm financial system

The Guardian - UK

Jamaican ex-banker wins right to remain in UK after ‘unlawful’ Home Office detention

Exclusive: ‘This unnecessary situation imposed upon us by the Home Office is finally over, although it will never be forgotten’

The Independent UK

Windrush pensioner, 92, among overseas NatWest customers to have accounts axed by bank

Exclusive: Philip Cato had thousands of pounds withheld by the bank after it shut his account in clampdown on overseas account holders

The Independent UK

‘It’s a white-knuckle ride’: UK bank customer reveals how switching accounts is far from simple

Attempts to move current account from Intelligent Finance led to hours of admin

The Guardian - UK

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StockNews.com

Buy or Hold for August: Bank of America (BAC) vs. Wells Fargo & Company (WFC)

The Fed’s annual stress test showed that America’s largest banks, including Bank of America (BAC) and Wells Fargo & Company (WFC), were highly unlikely to stumble in a severe recession scenario. Both banks beat the consensus EPS and revenue estimates in the second quarter. So, which of these two banks…

The Guardian - AU

NAB defends branch closures, says most customers use phone or online services

National Australia Bank stands in stark contrast to its peers, which put regional branch closures on hold in the wake of an inquiry

Chicago Sun-Times

Bridgeport bank failure fallout: Dead CEO’s sister pleads guilty in collapse of Washington Federal Bank for Savings

Over seven years, Janice Weston, vice president of the board of the clout-heavy bank, ordered bank employees to fool federal regulators by backdating loan documents.

The Independent UK

Alex Murdaugh co-conspirator sentenced to seven years and $3.5m fine for financial fraud

Former associate allegedly helped Murdaugh steal from law firm clients

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The Independent UK

An accomplice to convicted murderer Alex Murdaugh's financial misdeeds gets seven years in prison

The former CEO of a respected South Carolina bank will spend seven years in federal prison for helping Alex Murdaugh steal nearly $2 million from clients' legal settlements

The Guardian - UK

Sarah Breeden to be deputy governor of Bank of England

Bank will have largest ever number of women on rate-setting monetary policy committee after appointment

StockNews.com

Is Smart Money Interested in Watching JPMorgan Chase & Co. (JPM) in August?

During the second quarter, JPM reported record profits and comfortably topped Street revenue and EPS estimates. The bank also raised its net interest income forecast for the year. Given this backdrop, will the smart money be interested in watching JPM this month? Read on to learn my view….

The Independent UK

Banks under fire as HSBC profits surge while borrowers are squeezed

The chair of the Treasury Committee said the latest figures show major lenders are not sufficiently passing on higher interest rates to savers

Evening Standard

HSBC profits double but it warns 'tougher time’ on the way

HSBC poured fuel on the row about bank profits today with stonking profits of nearly £17 billion in just the last six months.

The Independent UK

We were set back 10 years after NatWest shut account, says business owner

It comes as ex-Ukip leader Nigel Farage has launched a new website amid plans to ‘build a powerful lobby group’ to oppose de-banking.

The Guardian - UK

Banks with lowest savings rates to face ‘robust action’, warns UK financial watchdog

FCA gives banks four weeks to justify savings rates as it lays out 14-point plan to monitor treatment of customers

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